Analyzed Papertrade's data on HyperEVM, and wow, this is seriously insane: - In just 4 days, Papertrade's cumulative nominal trading volume has exceeded $477 billion. With 1000x leverage, even a small margin can create massive nominal exposure. - Although trading volume is steadily declining, yesterday Papertrade's daily nominal trading volume still surpassed $37 billion, higher than the combined trading volume of all Perp DEXs across the network. - Cumulative fees have already exceeded $37 million in just 4 days, surpassing the historical cumulative fees of many Perp DEXs. - Papertrade fees are composed of three parts: LP Surplus (profits allocated to PAPER stakers after the protocol's self-operated LP balance exceeds the $5M cap), Close Fees (2% fee on realized profits when profitable positions are closed), and Liquidation Fees (2% fee on margin losses during liquidation).